Chairman and chief executive of Goldman Sachs, Lloyd Blankfein, said the first quarter had presented a "broad range of challenges" leading to "headwinds across virtually every one of our businesses".

"Looking ahead, we will continue to focus on delivering superior service to our clients and managing our business efficiently, which remain essential to generating shareholder value over the long term," he said.

It said net revenues in its investment banking division hit $1.46bn (£1bn) in the first quarter, down 23% over the same period last year and 5% lower than the fourth quarter of 2015.

Belfast Telegraph

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